You and your family may, for a number of reasons beyond your control, experience financial burdens that force you to be late or unable to pay your monthly mortgage.

Here are a few common reasons people fall behind on mortgage payments:

* Unexpected job loss or reduction in hours or pay

* Injury, illness, or medical emergency

* Sudden death in the family

* Debt obligations

* Inability to pay an adjustable rate mortgage increase

If you think you will be missing monthly mortgage payments in the near future or you are already behind, you must NOT ignore the problem. Get in touch with your lender immediately-- they may be more willing to work with you than you think.

It's in your lender's best interest as well to avoid a lengthy and expensive house foreclosure. They may have several options for you, and these options will vary depending on the severity of your situation and the length of time you have missed your mortgage payments.

It's imperative that you understand your rights as a homeowner and understand all your options.

Let's explore a few of these options:

Forbearance

Forbearance is a short-term solution to quickly stop house foreclosure proceedings. If you are still in the first phases of the foreclosure process, you may be able to negotiate a forbearance with your lender. A forbearance is when you work out a deal with your lender to either lower or postpone payments for a set number of months. If you can catch it early, this may be your best option to stop house foreclosure proceedings.

Refinance or Modify Your Loan

If your credit is in decent shape and you're not too far past on your payments, you may be able to qualify for a modification of your existing loan or refinance with another lender.

Mortgage modification is changing the terms of the mortgage in order to reduce the monthly payment.

Refinancing your mortgage is taking a new loan to pay off your existing one-- usually through a different lender.

Both options are viable long-term solutions to stop house foreclosure; whether you have lost your job, are going through a divorce, or have a long term disability.

What's your next step?

More info on your stop foreclosure information search:

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